(a) A corporation organized under the laws of another state may engage in the business of title insurance in this state on exactly the same basis and is subject to the same rules, prices, and supervision as provided for a corporation that is organized under the laws of this state and engaged in the business of title insurance under this title.
(b) To engage in the business of title insurance in this state, a foreign corporation must file with the department:
(1) an application for a permit or certificate of authority; and
(2) a financial statement demonstrating the condition of the corporation.
(c) The department shall prescribe the form of the application and financial statement.